Is a 1979 Red Corvette worth owning or restoring?

[captronalli]

As if I need another project car.........My neighbor wants to GIVE me his 1979 RED Corvette. It is an automatic, black interior, black chrome trim, original rims, 80k on the engine, has a cracked front fender, but it is all original, paint is faded to hell and back.
Do you think think this year vette is worth having or should I pass on it.....